What is Open Banking?
Open Banking is part of the Consumer Data Right regime which the Federal Government has introduced to allow all customers, both individuals and businesses to access and securely share their individual customer, account and transaction data information held by their banking institutions with Australian Competition and Consumer Commission (ACCC) accredited banking institutions.
Open Banking will give you greater control and access to your account information held at Australian Unity Bank. This means that you can now direct Australian Unity to share your banking information (known as “consumer data”) with ACCC authorised recipients securely online.
If you’re reviewing your existing banking arrangement or looking to switch some or all of your banking to another bank, Open Banking is intended to make this easier. Rather than having to collate banking histories, statements, and complete detailed transaction information you can now authorise your existing bank to share your information with another bank who you have specifically approached and authorised to offer you banking services.
For information on who is accredited by the ACCC to receive data through open banking, see the Australian Competition and Consumer Commission website.